Markets Open Slightly Down
Wall Street opened slightly down this morning as traders dug into the Commerce Department's July durable goods report released before opening.
In the first 20 minutes of trading, the Dow is down 42 points, or about half of 1 percent.
The broader S&P 500 is down a little more than half of 1 percent. The tech-heavy Nasdaq is down one-third of 1 percent.
The top-line number on durable goods orders this morning -- orders for big-ticket items, ranging from airplanes to cars -- was positive: up 4.9 percent from June, better than expected.
But if you dig down into the data, you see that number was juiced by autos purchased under the Cash for Clunkers program and purchases of new airplanes.
If you take out transportation, orders for durable goods rose 0.8 percent in July. Which is ... okay, not terrific.
And compared with the same period last year, orders for durable goods are down 26 percent.
-- Frank Ahrens
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August 26, 2009; 9:54 AM ET
Categories: The Ticker | Tags: Dow Jones, durable goods, nasdaq, s&p 500
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